Nasdaq near record high 🔼 Is a double top forming?

The decline in oil prices and the prospect of the Strait of Hormuz reopening have triggered a surge of optimism on Wall Street, further supported by SpaceX’s IPO and solid macroeconomic data from the US economy. The recent sell-off in AI-related stocks such as Oracle and Broadcom has largely been erased, as investors rushed back into the market, pushing the index above the 30,000-point mark once again. The key question now is whether the bulls have enough momentum to break through to new record highs.

From a technical analysis perspective, the uptrend remains firmly intact. However, the pace of the rally over the past few sessions raises some questions. Since 11 June, the index has gained nearly 2,200 points, a move that appears unusually strong by historical standards. At the same time, both the RSI and MACD indicators on the daily chart have been trending lower since May, creating a bearish divergence with price action.

While it is impossible to predict whether the US100 will surpass its early-June record, the index is currently only around 300 points away from that level, suggesting that market sentiment may be approaching euphoric territory. Ahead of the US market open, futures are trading slightly lower on an intraday basis.

Source: xStation5

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